The Palatka daily news. (Palatka, Fla.) 1884-1888, 1887-06-16

Kerslaw's face showed the lines made
by the terrible forty-eight hour strain.
President ID. w. Irwin, of the
bank, and of the firm of Ir-
win, Green & Co., was the most
determined looking man of the lot. Cash
ier DeWar of the bank, and several of
the directors were present. This consul
tation began just as soon as Wiltshire
got off the Cincinnati train at the foot
Of Lake street and hurried to the bank.
He was accompanied by good looking,
smooth faced young fellow whose sack
coat bulged as clerks coats sometimes
do when they are hurrying to the bank
to make deposits. The pair at once en-
tered the bank and the directors room,
where the others were to meet them.
The scene present ed will not soon be
forgotten. Kershaw was busy writing.
His face was haggard, but the man
looked brave. Eggleston's face
was a study too. As he sat
in this interview the perspiration dropped
from his brow and his great red beard
was all awry. Wiltshire, at 8 O'Clock,
left the bank and walked to the corner
of DearbOn and Monroe streets, where he
met the young man who had accOmpa-
MED him on the train, and who had be-
fore this left the bank for the Richelieu
Hotel. The young mans pockets bulged
again. The two entered the bank, and
in thirty minutes more the council was
over. Kershaw had the money to pay
his differences and to margin the mar
ket
THE RESULT ANNOUNCED.
Immediately after the opening of the
Board of Trade the Secretary raped for
silence.
1t was a difficult thing to obtain, but
when he finally prevailed, he read the
following:
GENTLEMEN, we are prepared to pay
all our clearing house differences and to
margin below the market.
C.. j. KERsHAw.
A yell of delight broke out at this and
the galleries, which We're crowded to
suffocation by ladies, responded by the
waving of handkerchiefs. The few an
nouncements of several small failures
that followed did not count.
The Board of Trade directors held a
Change, to-day, for the purpose of de
Gliding whether or not to take any ac-
ton. 1t was thought when the meet
ing was called that it would be best to
adjourn the Board for a day in order to
allow the excitement to cool off, but it
was finally decided that no action was
necT isary.
EIGHT FAILURES.
Up to half past eleven eight failures
had been announced. The excitement
i'm the pit increased fast and the bears
were savagely raiding the market. At
Il 80 a. m, July was sent down to 724,
from there it dropped to 72!, then 3,
then t, then -, then 715, then in one
jump to II, another drop to 7O4 was re-
corded at two minutes past noon. From
cred in jumps of ] to 7Ot, and II then
back to 70a and at 1911 p. M. was III
for July and III for June.
KERSHAw & co. COLLAPSE.
A few minutes after noon Kershaw
& Co. We're officially posted as having
failed to go through the clearing house.
This meant their collapse. The immediate
cause of the failure was Rosenfeld & Co.,
who garnisheed Kershaw's account in
the American Exchange National Bank.
1 p. M.-The closing half hour on
Change witnessed almost a complete
subsidence of the intense excite
ment which prevailed when wheat
broke to 40. Shortly after noon the
announcement that Kershaw had failed
to meet his clearing house differences
tie or no effect on prices. Kershaw says
he could have met all the claims against
his firm if Rosepffeld had not garnisheed
the money which he checked against,
thereby tying up one million dollars
which rumor says he had to his credit.
THE OTHER FAILURES.
The following firms also failed to go
through clearing house, S. ID. Eldridge,
r. Nj. b. Crofts & Co., r. III. Mathews,
Youst & Briefly. B. j. McCleary, III. j.
Youst x Co., Hibbard & Co. and Picker
ing & Co. Just before the close of the
session T. E. Derning & Co. announced
that they were even on the market,
and requested that their trades should
not be closed out. The morning session
closed with a firmer feeling. During the
last hour July wheat fiuctuated between
115@72s, the latter figure being the
highest of the hour.
Everybody was on the qui rire for de-
velopments, and while the excitement
did not run as high as yesterday. the feel
ing was far more nervous and feverish.
The uncertainty of the financial standing
of some houses was what caused the
greatest anxiety, and as one firm after
another-some twelve To fourteen in all
gave notice that they We're able to fur
ther margin their trades and asked to
have the trades closed out, the anxiety
next. Outside influences counted for
nothing; everything depended on the To-
cal developments. Many commission
merchants have refused, temporarily, to
make new trades, and are giving all their
attention to the settling up of their old
business.
THE COURSE OF THE MARKET.
The opening was wild and excited,
and as the announcement was made by
one of the principal firms connected
with the long side that all the margins
would be put up the market became
very strong and prices were after numer-
Gus, sudden fluctuations started up, adj